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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For the three months ended March 31, 2013 and 2012, we had 0.3 million weighted average unvested shares outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below.
In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were no anti-dilutive stock options for the three months ended March 31, 2013 and 2012. The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.

 
Three Months Ended
 
March 31,
 
2013
 
2012
 
(In thousands, except per share data)
NUMERATOR
 
 
 
Income from continuing operations
$
35,842

 
$
32,262

Less: Preferred share dividends
(135
)
 
(135
)
Less: Income from continuing operations attributable to noncontrolling interests
(1,254
)
 
(1,136
)
Less: Earnings allocated to unvested shares
(214
)
 
(209
)
Income from continuing operations available for common shareholders
34,239

 
30,782

Gain on sale of real estate in real estate partnership
—

 
11,860

Net income available for common shareholders, basic and diluted
$
34,239

 
$
42,642

DENOMINATOR
 
 
 
Weighted average common shares outstanding—basic
64,692

 
63,411

Effect of dilutive securities:
 
 
 
Stock options
155

 
174

Weighted average common shares outstanding—diluted
64,847

 
63,585

EARNINGS PER COMMON SHARE, BASIC
 
 
 
Continuing operations
$
0.53

 
$
0.48

Gain on sale of real estate
—

 
0.19

 
$
0.53

 
$
0.67

EARNINGS PER COMMON SHARE, DILUTED
 
 
 
Continuing operations
$
0.53

 
$
0.48

Gain on sale of real estate
—

 
0.19

 
$
0.53

 
$
0.67

Income from continuing operations attributable to the Trust
$
34,588

 
$
31,126